The magician borrows a dollar bill from an audience member. He crumples it up and sets it on top of his palm. Then he picks up the dollar bill, turns his palm over, and sets the bill beneath his palm--this time with the palm facing the ground. The bill stays there, defying gravity. Slowly, the magician lifts his palm away. The bill hovers several inches below his hand. Finally, to show that there are no strings attached, he lets both hands fall to his sides and steps away. The bill still floats.
For this trick you will need an invisible thread reel (ITR), which can be purchased at any magic shop or online magician's supply store. An ITR can be used for many kinds of tricks. For the floating dollar bill trick, wear it pinned inside a button-up shirt, with the thread laced from the inside of your shirt to the outside. Wear the wax at the end of the thread on your button. No one will notice it there.
When you're ready to do the trick, but before you've announced your intentions to your audience, subtly remove the wax from your button. Place it somewhere discreet near where you are about to perform, at about the same height as the ITR inside of your shirt. The underside of a table or counter works well. You can also have it pre-attached to an item that you set on the table, e.g., a pack of cards or a water glass.
Announce that you'd like to show your audience something surprising about static electricity and American currency. Borrow a dollar from a close-by audience member. Using someone else's dollar establishes that it hasn't been tampered with.
Tell the audience that you're going to build up a static charge. Crumple the dollar up and rub it between your palms. This action will conceal what you're really doing, which is to crumple the dollar around the thread that extends between your shirt and the anchor. The thread should extend through a fold in the bill, such that it will hang suspended there.
Lift your left hand away and let the dollar bill sit on your right palm. Wait a few seconds. This will build suspense.
Take the dollar in the fingers of your left hand. Don't move it, simply hold it in the air where it was just sitting. Turn your right palm upside down and place it above, with your palm touching the bill. Slowly release the bill from your left fingers. Tell the audience that the static charge is so strong that the bill is sticking to your hand. Of course, in reality the invisible thread is holding it in the air right below your hand.
Slowly lift your hand up several inches above the bill. It will appear as if the bill is floating in mid-air. The audience will assume that there is something between your hand and the dollar, suspecting that you have misdirected their attention. Misdirection is a key aspect of any magic trick. At this point, you can back away from the bill, dropping your hands to your sides and even angling your body. This will "show" that there are no strings attached. The ITR is designed to reel thread in and out, keeping the thread line taut. The dollar will hover right where you left it.
Return to the dollar bill. Straighten it out, allowing the thread to snap free. Return the bill to its owner. Take a bow.